NIBA Journal

Insights, analysis, and updates from the National Introducing Brokers Association

2012 Sees NFA and CFTC Provide Enhanced Protections for Customer Funds Held at FCMs
Marketing
November 29, 2012
4 min read

2012 Sees NFA and CFTC Provide Enhanced Protections for Customer Funds Held at FCMs

In 2012, NFA and CFTC introduced a range of rules aimed at increasing protection of customer funds held at FCMs. These rules, some of which are final and some of which are proposed but appear well on their way to implementation, generally enhance transparency, cement requirements for FCMs maintenance of FCM 'residual interest' amounts in customer segregated accounts, tighten up the types of investments FCMs may make with customer segregated assets, and require DCOs to compute FCM margin requirements without allowing the FCM to net the FCM's different customers' positions against each other. The rules heighten transparency by requiring FCMs to report segregated asset and net capital numbers more frequently and in more detail and mandating that DSROs and CFTC receive 'view only' real-time access to FCMs segregated asset accounts. NFA's BASIC system now displays to the public for each FCM a net capital report that is updated monthly and...

By NIBARead article
Kansas City Trading Group | November 2012 Focus on the Membership
Focus on the Membership
November 28, 2012
4 min read

Kansas City Trading Group | November 2012 Focus on the Membership

Primary Markets Traded: Having been in the grain business since 1976 and at the KCBT since 1981; our expertise is grain futures and options. We primarily deal with commercial grain producers, processors and end users. How did you get started? How did the firm get started? After graduating from Milliken University I was hired by ADM. There I spent time at various facilities trading cash grain. After, I moved to Kansas City in 1981, I set up a futures clearing operation for the commodity trading side of ADM in addition to running two grain terminals in KC. In order to focus on futures in Kansas City, I made a career change to Conti Commodities managing their floor and clearing operations. In 1984 I took an opportunity with Gelderman to open a sales office predominantly handling commercial grain customers. A few years later they were purchased by MF Global and I...

By NIBARead article
Firm works on sequestering futures brokers' client funds
Marketing
November 28, 2012
1 min read

Firm works on sequestering futures brokers' client funds

AlphaMetrix Group says its AlphaMetrix360 unit has been selected to help develop a system for separating and sequestering customer funds for futures commission merchants. The system is being built for CME Group and the National Futures Association. "Obviously, no system or set of rules can completely eliminate fraud," NFA's Karen Wuertz says. "However, this system will greatly enhance the ability to monitor the safety of customer segregated funds on a daily basis and detect potential misuses of customer funds."  Securities Technology Monitor (11/21)   The Opinions expressed are the opinions of the author. The opinions, the trading styles, trading information and trading programs are not endorsed by the NIBA, but are the individual opinions, styles, information and programs of the author.

By NIBARead article
Year-End Tax Planning
Marketing
November 27, 2012
3 min read

Year-End Tax Planning

Given the political landscape for 2013, the choices you make in preparing your 2012 tax returns may carry greater importance than usual. 2013 will bring a wide variety of changes: 9% Medicare Surtax for the self-employed as well as high income earners with incomes over $200k(s) and $250k(mfj). A new Medicare tax of 3.8% on all unearned income. Unless Congress acts, the Section 179 deduction will fall to $25,000 from it’s current $139,000. Bonus Depreciation will completely disappear. The threshold for the Medical Deduction will rise to 10% from it’s current 7.5%. Don’t be surprised to see reinstatement of the 36% and 39.6% tax brackets next year. The Capital Gains rate for high income earners may rise to 20% along with a 28% rate cap for itemized deductions. Finally, the Transfer Tax exemption falls from it’s current $5.12m(s)/$10.24m(mfj) to only $1m(s)/$2m(mfj). So given the changes ahead you may want to...

By NIBARead article
Global Economics Pivoting on the FX Markets in 2013
Marketing
November 26, 2012
2 min read

Global Economics Pivoting on the FX Markets in 2013

Currency movements among the major central banks involved in ZIRP (zero interest rate policies) may dominate market attention as we move beyond (or resolve eventually) the US fiscal cliff debate. The issue is that exchange rate movements among the ZIRP currencies of the US Dollar, Euro, Japanese Yen, and British Pound can be highly challenging given that they are all effectively running the same rate policies, but from a different economic growth and fiscal policy context. Except -- the fiscal policies are all defined by having too much debt -- which means that future currency movements may often be more about the politics of the fiscal decisions than anything else. Thus, to understand the major currencies, we need to compare and contrast the fiscal policy repsonses to the overloads of debt. The presentation will combine updated economic outlooks, debt policies, and political events both to provide a global view as...

By NIBARead article
CFTC Consumer Outreach Update - November 2012
Marketing
November 21, 2012
1 min read

CFTC Consumer Outreach Update - November 2012

In 2010, Congress passed the Dodd-Frank Wall Street Re-form and Consumer Protec-tion Act, which states that the CFTC can fund customer education initiatives to help customers protect them-selves against fraud or other violations of the Commodity Exchange Act. In response, the CFTC established an Office of Consumer Outreach (OCO). Prior to establishing the OCO, CFTC staff re-viewed other federal agency financial education programs and budgets, and Commis-sioner Scott O’Malia con-ducted a hearing to gather insights into how to design the OCO. Read Full Article (PDF)

By NIBARead article
House report rebukes Corzine for MF Global's collapse
MF Global Updates
November 15, 2012
1 min read

House report rebukes Corzine for MF Global's collapse

The House Financial Services Subcommittee on Oversight and Investigations released a summary of a report -- expected to be released in full today -- on the collapse of MF Global Holdings. In it, Republicans say CEO Jon Corzine's decisions led to the firm's demise. "Choices made by Jon Corzine during his tenure as chairman and CEO sealed MF Global's fate," said panel Chairman Randy Neugebauer, R-Texas. Bloomberg Businessweek (11/15), Financial Times (11/14), Wall Street Journal, The (11/14), Hill, The/On the Money blog (11/14)

By NIBARead article
NFA Announces Nominations Made by the 2012 Nominating Committee
Marketing
November 9, 2012
4 min read

NFA Announces Nominations Made by the 2012 Nominating Committee

Notice to Members I-12-26 November 9, 2012 Please Route To: Compliance/Legal Sr. Management NFA Announces Nominations Made by the 2012 Nominating Committee In accordance with NFA Bylaw 406, the Office of the Secretary has received from the 2012 Nominating Committee a list of its nominees for positions on NFA's Board of Directors and 2013 Nominating Committee. The list of nominees included with this notice shall serve as notification to NFA Members of the candidates proposed by the 2012 Nominating Committee. Other nominations may be made by petition. Article VII, Section 3(b) of NFA's Articles of Incorporation provides that: "Nominations may be made for elected FCM and LTM, IB, and CPO and CTA Director positions by: (i) Petition signed by 50 or more NFA Members* in the category for which the nomination is made (i.e., FCM and LTM, IB, and CPO and CTA); or (ii) Petition submitted by any organization or...

By NIBARead article
NFA announces workshop to assist SDs/MSPs in the 4s documents submission and review process
Marketing
November 6, 2012
2 min read

NFA announces workshop to assist SDs/MSPs in the 4s documents submission and review process

November 6, 2012 NFA announces workshop to assist SDs/MSPs in the 4s documents submission and review process National Futures Association will hold its first in a series of workshops to assist swap dealers (SD) and major swap participants (MSP) with the registration process. This three-hour workshop, presented by NFA staff, will be held at NYMEX World Headquarters in New York on November 28. The workshop will cover the registration process starting from the filing of Form 7R to the completion of all components required to obtain a provisional registration status. NFA staff also will discuss timelines for completing each registration component; fee payment wiring instructions, including cut-off times; and other important registration-related issues. Workshop Details: Date: Wednesday, Nov. 28, 2012 Time: 1:30 to 4:30 P.M. Location: NYMEX World Headquarters World Financial Center One North End Ave. Conference Room New York, N.Y. 10282 Speakers: Jamila Piracci, VP, OTC Derivatives Greg Prusik,...

Outlook 2013
Member Announcements
October 25, 2012
1 min read

Outlook 2013

On January 24, 2013, the CME Group, NFA and NIBA will co-sponsor an afternoon event in Southern California. The CME Group will present an economic outlook for the coming year. NFA will present regulatory and rule changes which will be effective in 2013. There will also be plenty of networking time. Details on this event will be available soon. It is open to all NIBA member and other financial members.

By NIBARead article
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